Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1887-10-05
The JUMBO g. & s. N, co.
History OF the Company and It's Prop.
erty-The Stock More Valuable Now
than 1t was Three Weeks Ago.

than 1t was Three Weeks Ago.
AS stated in yesterdays TINES, the
Board of Directors of the Jumbo Gold
and Silver Mining and Milling Com
pany will meet in this city Friday
evening of this week, to issue the
stock subscribed for, aud to consider
a proposition to increase the price of
shares from SO cents, at which i, has
been issued heretofore, to rs cents
or 81.
The incorporation of the company
being successfully accomplished, no
good reason longer exists for sacrifc.
ing the shares of its capital stock by
selling them for SO cents each. A
month ago the owners of the five
claims and 10 stamp mill on the Gold
Belt which now constitute tho Jumbo
company's property were sorely pressed
by their creditors, and liable to lose
their property at any moment Blu,
they were Industrious men, and the
workings were under the management
OF Captain Gum, skillful miner and
competent millman. The work on
the Jumbo and Veteran, two of the
claims, had demonstrated the exist.
ence of an orebody over 1000 fee,
long, carrying an average of over $40
worth of precious metals to the ton
1t was evident that all that was needed
to make a valuable mine was a little
more development work that would
demonstrate the continuity of the ORE
body in depth. To this end it was
necessary to run tunnel that would
tap the vein 500 feet below the sur.
face. If at that depth the re-body
continues to the same extent and
value as on the upper level, the mine
Will be worth round million Of dol
lars, or more. If it should not SO
continue, the ore already exposed
will, with careful management in a
~ or 30 stamp mill, pay a profit OF
over 100000 anyway, while the
chances are excellent for finding one
or more ore-bodies IN the other claims
OF the company; and, in fact, in one
Of these-the Wolcott-- richer ore has
already been found.
The owners, being unable to do this
work for the lack of means, tired to
sell. One Of the most conservative
experts in the Rocky Mountains Wis
tied the property several times, sam
pied it thoroughly for days and weeks,
and finally offered $50,OUO- fifth
cash, the balance in nine mouths, if
he finally concluded to buy.
This SEEMED so much like a need
less sacrifice that some Of our business
men concluded to come to the rescue
of the prospectors, and agreed to sub
scribe enough to pay off the debts, il
sufficient stock were assigned them at
the bedrock rate of SO cents per
share. This proposition being &C.
cepted, the Jumbo company was or
gained, with capital stock of 100,
900 shares of the par value of IS per
share. AT SO cents per share, the
total would be just the amount offered
in block by responsible parties for the
property. 1t was therefore placed low
enough. Some $4,000 shares were
set aside as a working capital, in
order that there should be no assess
ments levied, aud with this under.
standing stock books were opened.
This was scarcely three weeks ago;
and although no special effort has
been made to place the stock, more
than $4,000 shares have already been
taken.
If this stock was wortl, so cents pc,
share when the property was bad,
entangled, or likely to be, aud its
owners were well-nigh powerless, it is
certainly worth more now, when its
financial sky is so clear that nothing
but prosperity for the company ap.
pears in the horizon. The proposition
J to raise the price Of shares is therefore
not unreasonable.
The deep tunnel above referred t.
is being driven, and is expected t.
tap the vein within 60 days. If i
cuts into ore at all, it will be into an ex
tensive body--for gold mines are no
"buncby" like galena mines-and tn
moment ore shall be struck ever
share of Jumbo stock will be wort
the full par value of SIS.